This subject provides theoretical basis for economic analysts and decision makers, as well as for applied economic policy. This science is characterized by a multitude of views and disputes. The basic contexts of economics and the basic models that characterize micro- and macro-processes were revealed during the introductory courses. The central issue is the problem of growth and equilibrium. The Ph.D. course deals with scientific findings and models together with their theoretical backgrounds, enriches models with institutional details, confronts them with reality and deepens our understanding towards an open economy. Theoretical debates and their practical implications are of particular importance, especially with regard to the economic and financial crisis of the early 2000s and for the new problems of nowadays.
Economics (DAGSPHN-KOZGGAZD-1)
Basic data
Instructors
Course objectives
Course content
Lectures
History of the development of economics, changes in its central issues and methodology. Measurement of economic performance, indicators. National income and product accounts. Balance of Payments Accounts and Exchange Rate. Measuring the performance of the Hungarian economy. Limits of the SNA system, new alternate indicators: GNH, GPI, NEW, GINI, etc. Macroeconomic income flow. Economic equilibrium, savings and investments in closed and open economies. Economic output, production functions, income distribution. Commodity market, Labour Market and Unemployment. The role of money in the economy. The operation of the financial system in the long run. Quantitative money theory. Money supply, money demand, nominal interest rate and inflation. Economic development and growth. Capital accumulation, population and technology. The Solow model. Commodity demand and supply in the short run. Output and labour market balance. Balance on the commodity market. Money market in the Keynesian model. Money supply, banking system, money demand motifs. Money market equilibrium. Interpretation of economic equilibrium and imbalance in the long run and in the Keynesian model. Business cycles. Unemployment and inflation. Phillips curve. Questions of the impressionability of an economy, economic policy instruments and constraints.
Acquired competences
Knowledge
- Is prepared to understand and construct models describing the system of interactions in the economy, and to take the results of modeling into account in development decisions. - Is familiar with the European integration process and the European Union’s policies related to its activities.
Skills
- Formulates independent new conclusions, original ideas, and solutions; is capable of applying sophisticated analytical and modeling methods, developing strategies to solve complex problems, and making decisions in a changing domestic and international environment as well as within organizational cultures. - Is able to identify economic problems relevant to their field. In analyzing and solving these problems, they are able to take into account their complex social, policy, environmental, and spatial interrelationships. - Is able to prepare professional summaries and analyses, give presentations, and actively participate in professional debates in their field, using modern methods of information and communication technology and presentation tools, including in a foreign language. - Able to simply formalize arguments concerning economic, social, and environmental issues; to form an individual position based on their own analysis; to defend that position in a debate; and to recognize the need to revise or abandon that position. -Is able to participate in large-scale and complex projects and group tasks, and to lead, organize, and evaluate activities as a leader.
Attitude
- Takes a critical approach to their own work and behavior as well as that of their subordinates, and demonstrates innovative and proactive behavior in addressing economic issues. Is open and receptive to new findings in economic theory and practice. - Is characterized by a cultured, ethical, and objective intellectual approach in their interactions with people and in addressing social issues; in their work, they pay attention to broader social, sectoral, regional, national, and European values (including social, ecological, and sustainability considerations). They strive to develop their knowledge and professional relationships, and encourage, assist, and support their colleagues and subordinates in doing the same. - Possesses a problem-centered perspective and problem-solving mindset. - Through their mindset, they are open and receptive to new findings in economic science and practice, as well as changes affecting the socio-economic-legal environment.
Autonomy and responsibilities
- Takes responsibility for their own work, the organization they lead, their business, and their employees. - Independently identifies, plans, and organizes their own and their subordinates’ professional and general development, and assumes and bears responsibility for them.
Additional professional competences
Not relevant.
Requirements, evaluation and grading
Mid-term study requirements
Submitting an 8-14 pages essay on a selected topic related to her/his Phd research area.
Exam requirements
Oral exam.
Generative AI usage
3rd position: Use of GAI tools is fully permitted, provided their use is properly cited and does not compromise achieving the learning outcomes defined in the course description.
Study aids, laboratory background
Róbert Magda: Lecture’s PPT
Readings
Compulsory readings
• Varian, Hal R: Mikroökonómia középfokon. Akadémia Kiadó, 2012. • G. Mankiw: Makroökonómia. Bookline Kiadó, 2010. • Paul Krugman and Robin Wells Macroeconomics 2018, Worth Publishers Inc.,U.S. ISBN-13: 9781319181956 • Parkin: Macroeconomics 12th edition, Pearson Series in Economics, ISBN-13: 978-0133872644
Recommended readings
• Williamson, Stephen: Makroökonómia. Osiris Kiadó, 2009. • Meyer Dietmar – Solt Katalin: Makroökonómia. AULA Kiadó, Budapest, 2006. • J.Stiglitz – A.Sen – J.Fitoussi: Report by the Commission on the Measurement of Economic Performance and Social Progress. UN 2009.